Daily Markets Briefing: STI fell 1.32%

Expect some muted gains today.

The Straits Times Index (STI) ended 46.91 points or 1.32% lower to 3496.27, taking the year-to-date performance to +2.74%.

The top active stocks were Singtel, which declined 1.77%, DBS, which declined 1.54%, OCBC Bank, which declined 1.84%, UOB, which declined 1.42% and Genting Sing, with a 3.05% fall.

The FTSE ST Mid Cap Index declined 1.41%, whilst the FTSE ST Small Cap Index declined 0.47%.

OCBC Investment Research noted that US stocks rallied in late trade to finish higher after the Federal Reserve’s minutes appeared to have reassured investors that the central bank would not be too aggressive with raising interest rates.

Six out of eleven S&P 500 industries ended higher, with gains led by Utilities (+0.90%) and Information Technology (+0.86%) whilst losses were registered by Financials (-0.60%) and Telecommunications (-0.43%)

"The late rally on Wall Street overnight could inspire some confidence in the local sentiment today whilst investors continue to be wary of developments in trade issues," OIR said.

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